Study at University of Derby Online Learning with a Postgraduate Loan
You can now borrow up to £10,609 to study at masters level.
The loan can be used to pay for your tuition fees or other costs associated with studying, such as living costs or course expenses.
Am I eligible?
- You must normally live in England and be under 60 at the start of the first academic year of your course
- You have to be studying a taught or research postgraduate course in the UK that leads to a full masters qualifications e.g. MA, MSc, MBA, MEd or LLM
- If you already hold a masters qualification or an equivalent higher level qualification you will not be eligible for the new Postgraduate Loan
- The amount you get doesn't depend on your household income.
To check if you are able to get a Postgraduate Loan for your course at the University of Derby, please contact our Student Records and Fees team.
How do I apply?
You can apply for a Postgraduate Loan using the application service at www.gov.uk/postgraduateloan
You should apply as early as possible to make sure your loan is available for the start of your course.
Watch the video below from Student Finance England explaining Postgraduate loans:
When will I get paid?
The Student Loans Company will send you a payment schedule to let you know when you'll be paid once your application has been processed. This will be paid in three equal payments, 1 per trimester.
Depending on which academic year you are applying for, your payment schedule will differ:
Students applying for academic year 2018/19
The total amount you request will be split equally and paid in each academic year (up to a maximum of four if you're studying part-time). For example, if you borrow £10,609 and are studying part-time over four years, you'll be paid £2,652 each year.
How much you'll repay
You’ll pay back 6% of your income over the minimum amount which is currently £21,000 a year, £1,750 a month or £404 a week.
For example You earn £2,500 a month before tax. This is £750 over the monthly threshold. You’ll therefore repay £45 (6% of this amount) each month.
You’ll be charged interest from the day you get the first payment until your loan is repaid in full or cancelled.
The interest rate on a postgraduate loan is currently 6.3%.
Recognised Prior Learning (RPL)
The postgraduate loan is designed to support students faced with payment of a full master’s programme; if you are considering applying for recognised prior learning (RPL), please be aware that if this is granted, you will not be eligible for a postgraduate student loan as you will not be studying the full 180 credits.
If you are asked to study an associate module as an entry requirement to the programme, you will not be able to receive funding for this module; you may therefore need to delay your application for funding until you are undertaking the full master’s programme.
If you are unsure as to whether you will qualify please contact Student Finance England directly to discuss this with them.